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Crypto: Bitcoin reaches more than two-week high despite hawkish Powell remarks

Bitcoin on Tuesday reached its highest level since March 3, despite an increasingly hawkish Federal Reserve. 

The cryptocurrency
BTCUSD,
+4.21%

traded as high as $43,300 on Tuesday, according to CoinDesk data. Bitcoin was trading around $42,754, up 3.7% over the past 24 hours early Tuesday New York time. Ether gained 2.5% over the past 24 hours to about $2992. 

Katie Stockton, founder and managing director at Fairlead Strategies wrote in Monday notes that she expected bitcoin’s recent highs near $45,000 “to soon be cleared as a positive catalyst.”

“A confirmed break above $42.5k opens the door to another resistance zone between $45.5k and $46k,” added Nicholas Cawley, strategist at forex platform DailyFX, in a Monday note to MarketWatch.

Investors are waiting for more commentary coming from Federal Reserve officials on Tuesday, including New York Fed President John Williams.

On Monday, Jerome Powell repeated that the central bank could deliver interest rate increases of larger than 25 basis points each at future meetings if policy makers deem it necessary in their fight to control U.S. inflation which is running at a 40 year high in the wake of the coronavirus pandemic.

Meanwhile, Goldman Sachs Group
GS,
+1.80%

said on Monday that it executed its first over-the-counter crypto options trade, as the bank pushes further into the digital asset market.

U.S. stocks opened higher on Monday. The Dow Jones Industrial Average
DJIA,
+0.81%

rose 0.8% and the S&P
SPX,
+0.81%

was up 0.6%. The Nasdaq Composite
COMP,
+1.22%

 gained 0.7%.

Read: U.S. stocks open higher on Tuesday as investors shake off hawkish Powell remarks

Read more: Ray Dalio said he held some bitcoin. Now Bridgewater is reportedly preparing to back a crypto fund for the first time

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